By Kang Seung-woo
Staff Reporter
It is notable that financial experts have been brought into Cheong Wa Dae as presidential aides, inviting extra attention how this will affect President Lee Myung-bak's overall economic policy.
Choo Kyung-ho, director general of the finance policy bureau at the Financial Services Commission (FSC), was the latest as he was appointed secretary for economic and financial affairs Tuesday.
The Daegu native, 49, known for expertise in economic policy and international finance, is a veteran finance official, serving as counselor at the Korean mission to the Organization for Economic Cooperation and Development (OECD) from 2006 to 2009 after working at the finance ministry for about 20 years.
``Given that Choo has worked in the area of finance for a long time, he has earned respect,'' said an official of the FSC.
``He is not only familiar with macroeconomic policy, but also has expertise in financial policies under his belt,'' an official of Cheong Wa Dae said of Choo's appointment.
Yoon Jin-sik, President Lee's top policy advisor, also started his career at the finance ministry in 1973, while Choi Joong-kyung, the recent appointee as senior presidential secretary for economic affairs, is also an experienced finance ministry officer.
Yoon is seen as one of the most influential aides to President Lee because of his seniority and the trust he enjoys from Lee.
Yoon, former president of Seoul National University of Technology, took on key ministry posts ― director general of the Financial Policy Bureau and ambassador to the OECD ― before being named as the first Minister of Commerce, Industry and Energy by President Roh Moo-hyun in 2003.
The native of Chungju, North Chungcheong Province, also headed the Korea Investment Holdings before joining the Lee administration in 2009.
Choi's appointment also added to the belief that the government wants to intervene in the foreign exchange market to curb the won's recent rise against dollar, and probably introduce economy-boosting measures.
Choi, a currency specialist, began his career at the finance ministry in 1979. He represented Korea in the World Bank in 2005.
The interventionist from Hwaseong, Gyeonggi Province was hired as the vice strategy and finance minister in 2008, but was removed four months later, being held accountable for chaos in the foreign exchange market. He was appointed as ambassador to the Philippines.
He was seen as a scapegoat to save the then-strategy and finance minister Kang Man-soo. Kang is regarded as the architect of the President's MBnomics and still possesses great influence on economic policy from the sidelines.
However, there is also a skeptical view on the recent moves by the government.
``There is no change in the currency policy, as the government is maintaining the weak won approach,'' said economist Oh Suk-tae, head of research at Standard Chartered First Bank.